Cap. 618 Art. 3Establishment.

(1) There shall be a fund, that shall be called the Residual Balances Fund.

(2) The Fund shall be a body corporate having a separate and distinct legal personality, capable of entering into contracts, of acquiring and disposing of property or rights for the purposes of attaining its objects and carrying out its functions under this Act or any other law, of suing and being sued in its own name, and of doing all such things and entering into such transactions as may be necessary, incidental or conducive to the attainment of its objects and the performance of its functions under this Act.

(3) The Fund shall be directed and managed by a Committee established under article 7.

(4) The Fund shall publish its audited accounts on an annual basis and shall report to the Minister on its activities as the said Minister may require but in any case not less than once a year. The audited accounts and the annual report of the Fund shall be laid on the Table of the House of Representatives by the Minister.